HONG KONG, Sept 14 (Reuters) - Hong Kong shares soared totheir highest since early May on Friday, with the riskierresources-related sectors leading gains after the U.S. FederalReserve announced a daring new stimulus plan to fosterinvestment and job creation.

Gains in mainland Chinese markets were comparatively muted,dragged by weakness in the property sector after state-run mediareported that regulators were monitoring high prices seen inland deals after a recent pickup in sales.

But Friday's rise in both markets was on modest middayvolumes compared with last Friday, when Chinese state media hadjust announced the approval of more than 1 trillion yuan ofinfrastructure projects.

The Hang Seng Index closed up 2.7 percent at 20,582.3at midday, with technical resistance seen at around 20,674.5,the lower end of a chart gap that opened up between May 4 andMay 7.

The China Enterprises Index of the top Chineselistings in Hong Kong jumped 3.4 percent. The Shanghai CompositeIndex and the CSI300 Index of the top Shanghaiand Shenzhen listings each rose 0.5 percent.

Both mainland indices are still marginally down on the week,but Hong Kong's are set for a second weekly gain, each up about4 percent.

"Investors should look to get the most from the rally fromhere in high-beta stocks with low valuations," said Alan Lam,Julius Baer's Greater China equity strategist. "H-shares shouldoutperform A-shares going into year's end." (High-beta stockstend to have higher highs and lower lows than the average.)

Shares of Chinese gold miners were among the top gainers asgold prices rose to a six-month high. Zijin Mining surged 11.4 percent in Hong Kong, whilerising 2.8 percent in Shanghai.

But JP Morgan strategists said in a weekly strategy notethat while the resources, petrochemicals and refining sectorsmay benefit from bear market rallies on fast money, structuralproblems remain.

Rating agency Standard & Poor's warned on Friday that thecredit risks for state-owned enterprises could worsen becausethey already have high debt levels and weak profitability, bothof which would be exacerbated by the slowing Chinese economy.

SUN HUNG KAI RECOUPS LOSSES SINCE CHAIRMEN'S MARCH ARRESTS

Sun Hung Kai Properties rose 3.8 percent in heavyvolumes after posting late on Thursday earnings that narrowlybeat expectations on Thursday as strong rental growth drove thecompany to record operational profits.

Gains on Friday have helped the shares recover lossessuffered in late March after the co-chairmen of the world'ssecond-largest property developer were arrested on corruptioncharges.

China Life Insurance was up 4.1 percentin Hong Kong and 2.2 percent in Shanghai after posting a 20percent year-on-year increase in premium income in August, whichBarclays Capital analysts said was "likely well ahead of marketexpectations."

Property shares on the mainland slipped on renewed fears ofthat more curbs would be imposed on the sector after thestate-run China Securities Journal reported that regulators arewatching overly high prices in government land sales.

The two largest listed property developers in the A-sharemarket were the main hindrance on the CSI300. Shenzhen-listedChina Vanke sank 1.5 percent, while Shanghai-listedPoly Real Estate shed 2.3 percent.